Having one super account means you only have one set of paperwork to manage.
This could make it easier to keep on top of your super and understand exactly how it’s performing.
However you should consider your insurance arrangements before consolidating your accounts. You don’t have to work extra hours or pay more into your super fund, just merge them all into one. Let’s say 00 earns 10% interest in the first year. In the second year, your original investment of 00 has grown to 00 thanks to the 0 interest. This time you get 0 worth of interest after a year. Even with this very basic example you can see how quickly compound interest grows your money.
One of the reasons why a consolidated account earns money faster is due to compound interest. The longer you have multiple super funds the longer you’re paying unnecessary administration fees and potentially earning less interest.
Find my super Whenever you change address, email or phone numbers, make sure you let us know. We’ll keep your details up-to-date and make sure you don’t lose track of your super.
To update your details, login to your online account. 8am to 8pm Monday to Friday AEST/AEDT When you move to a new job, you can still keep your super with Cbus.
It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement before deciding what’s right for you.
This information hasn’t taken your circumstances into account. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.
VISSF does not charge an entry fee if you transfer a benefit from another fund.
Whatever the case may be, the fact is these accounts may be eroding your superannuation savings and could be put to better use.
Imagine how much more money you could be making if you rolled your accounts into one place.
One of the biggest advantages of combining your super accounts is the potential savings in fees (e.g. If you’re paying fees on multiple accounts, you can reduce the amount of fees you pay by reducing the number of super funds you have.
Another advantage of consolidating your super is less paperwork.